each of the five Stalwart banks do, with an average return on equity of about 17%. Our expert on Canadian banks, MichaelKon , identified three main reasons that the top banks dominate. First, the banks tout themselves as home-grown Canadian

advantages of the business that stand behind her narrow moat rating. Bank of New York Mellon BK Morningstar analyst MichaelKon believes that Bank of New York's unmatched market share in the global custody business garners it a wide economic